Story follows a young orphan (Peralta) who discovers a beautiful and enchanting creature (played by Drayton) she believes to be the real “Little Mermaid.” MacLaine portrays Eloise, an eccentric woman who has intimate knowledge of the story.
Robert Molloy and Armando Gutierrez, who founded MVP, will serve as executive producers.
“We’re thrilled to be launching MVP Studios with ‘A Little Mermaid,’ a magical adventure that uses the beloved fairy tale as its jumping off point, but is an all-new story with all-new characters that the entire family can enjoy,” the producers said in a statement.
Filming will take place in Georgia, targeting a 2017 release.
9 Biggest, Baddest Box Office Showdowns of 2016 (Photos)
Feb. 12: "Deadpool" vs. "Zoolander 2"
"Deadpool" is one of 2016's most high-profile movies due to a great social media campaign. However, "Zoolander 2" is the sequel to a successful comedy, and many fans have been waiting 15 years for it.
Marvel/Paramount
March 25: "Batman v. Superman: Dawn of Justice" vs. "My Big Fat Greek Wedding 2"
Comic book fans have been clamoring for Zack Snyder's buildup to a Justice League Movie, with Ben Affleck as the Caped Crusader. But Nia Vardalos' original "Greek Wedding" was one of the top-grossing indie films ever and could be canny counter-programming.
Seth Rogen, Rose Byrne and Zac Efron return for some new fraternity high jinks -- and will face off against a 1970s set film starring Ryan Gosling and Russell Crowe.
Universal/Warner Bros.
May 27: "Alice Through the Looking Glass" vs. "X-Men: Apocalypse"
Two big sequels with wide appeal: "Alice" is a four-quadrant movie, meaning the movie offers something for every demographic. "X-Men" is another film in the popular franchise that already has a huge following, and let's be honest -- Marvel movies do extremely well at the box office. The box office winner may depends on which movie gets the IMAX screens.
Disney/Fox
June 10: "Conjuring 2" vs. "Now You See Me 2" vs. "Warcraft"
This summer day marks the release of two sequels to surprisingly successful movies, while the new movie "Warcraft" will vie for fans of the popular video game.
Warner Bros./Lionsgate/Legendary
July 1: "BFG" vs. "Legend of Tarzan"
Two classics are hitting theaters in the prime of summer. Steven Spielberg's adaptation of the Roald Dahl children's book faces a giant challenge from Alexander Skarsgard's jungle-raised man.
Disney/Warner Bros.
Oct. 7: "The Girl on the Train" vs. "Gambit"
Although both of these films have completely different target audiences, the Emily Blunt thriller "The Girl on the Train" and the Marvel comic book movie "Gambit" with Channing Tatum are both high-profile movies with amazing casts.
Universal/Marvel
Dec. 28: "Passengers" vs. "Jumanji"
A sci-fi movie teaming Jennifer Lawrene and Chris Pratt will blast off against a reboot of the classic "Jumanji" starring Robin Williams.
Sony/Columbia
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TheWrap takes a look at the most competitive faceoffs of the year, like ”Alice Through the Looking Glass“ opening against ”X-Men: Apocalypse“